Statement of the B20 on the Communiqué of the G20 Finance Ministers and Central Bank Governors Meeting

On March 17 and 18 G20 Finance Ministers and Central Bank Governors met in Baden-Baden.

The B20 welcomes progress on the ambitious G20 work program, particularly the references to guaranteeing financial stability and balanced growth in the Communiqué from the meeting. However, the B20 is disappointed with the progress made on trade issues. Those, who hoped for a strong commitment to open and inclusive markets were disappointed. The way to Hamburg will remain rocky. The B20 calls on the G20 to take more decisive action.

Overall, the B20 welcomes many aspects of the Baden-Baden Communiqué such as the reaffirmed commitment to international economic cooperation, and the continued commitment to phase out inefficient fossil fuel subsidies and to establish a peer review of subsidies. The B20 also agrees with the G20 that an open and resilient financial system is crucial to supporting sustainable growth and development.

However, the B20 strongly regrets that there was no clear statement against protectionism. In addition, the B20 notes that the G20 has been stating its commitment to phase out inefficient fossil fuel subsidies over the “medium term” since 2009 – with little real follow-up action. The B20 is also disappointed that little attention was paid to the issue of Green Finance.